A field guide to UK public markets

Calm research,
one company at a time.

Long-form fair-value notes on every UK-listed company. Drawn from primary regulatory filings, reasoned end-to-end, ranked by upside and conviction. No hot takes. No noise.

Catalogue

Ranked by upside × conviction

upside downside conviction
VLE № 001

VOLVERE PLC

Financial Services

Cash and listed investments cover 57% of market cap, leaving the 80% stake in a growing, cash-generative food manufacturer (Shire Foods, £6.3m underlying PBT) trading at a low single-digit multiple with optionality on £33m of dry powder.

Fair value 2,990–3,685p
Upside +26%
Mkt cap £58m
4/5 Read note
AZN № 002

ASTRAZENECA PLC

Health Care

Industry-leading biopharma pipeline delivery and broad-based blockbuster growth support a credible path to $80bn 2030 revenue and double-digit Core EPS compounding.

Fair value 1,290–1,690p
Upside +6.8%
Mkt cap £216,331.9m
4/5 Read note
GGP № 003

GREATLAND RESOURCES LIMITED

Basic Resources

Newly cash-generative gold-copper producer with a fully-funded, tier-1 development project (Havieron) that should self-fund construction from Telfer cash flow and an undrawn A$500m debt facility.

Fair value 30–45p
Upside +1%
Mkt cap £4,868.5m
3/5 Read note
BHP № 004

BHP GROUP LIMITED

Basic Resources

Lowest-cost iron ore producer using its cash machine to pivot toward a top-tier copper and potash franchise, with attractive long-cycle exposure to electrification and AI/data-centre demand.

Fair value 2,500–3,200p
Upside -1.9%
Mkt cap £147,365.4m
3/5 Read note
HSBA № 005

HSBC HOLDINGS PLC

Banks

Restructured global bank delivering 17%+ RoTE with leading international wholesale franchise and accelerating shareholder returns from Hang Seng and disposal proceeds.

Fair value 1,100–1,350p
Upside -9.2%
Mkt cap £231,806m
3/5 Read note

Working through the universe one specimen at a time. New entries land as the LLM finishes its reading.